WCO welcomes G20 outcomes

03 abril 2009

WCO welcomes G20 outcomes

Brussels, 3 April 2009

The World Customs Organization’s call for trade facilitation measures to be promoted, for capacity building programmes to be supported, for infrastructure spending in emerging market economies and developing countries, and for international organizations to be encouraged to monitor international trade trends were taken up in the official summit communiqué released by the G20 leaders in London yesterday.

In their communiqué which provides a global plan for recovery and reform, the G20 leaders said that “ We face the greatest challenge to the world economy in modern times; a crisis which has deepened since we last met, which affects the lives of women, men, and children in every country, and which all countries must join together to resolve” and added that “A global crisis requires a global solution”.

G20 leaders reached agreement across a broad band of issues relating to the restoration of growth and jobs, the strengthening of financial supervision and regulation, the strengthening of global financial institutions, resisting protectionism and promoting global trade and investment, and ensuring a fair and sustainable recovery for all.

The WCO was particularly pleased to note that the G20 had rejected protectionism in favour of global trade and investment promotion to underpin economic prosperity and a sustainable recovery from the global financial crisis. This crisis has resulted in an economic downturn that has caused sweeping recession and a drastic decline in global trade, including revenue security concerns for many developing countries.

Trade facilitation has a vital role to play in any world economic recovery programme. The WCO is therefore happy that the G20 have committed to reaching a balanced conclusion to the Doha Development Round through renewed focus and political attention to drive progress. The WCO is ready to play a meaningful role in this area alongside other global institutions and will add value to the G20 outcomes by encouraging its 174 Members to implement relevant trade facilitation measures consistent with international standards and to enhance coordination at borders.

The WCO also welcomes the renewed G20 commitment to respect their ODA (official development aid) pledges and will proactively interact with donors to support customs modernization initiatives.

International trade trends will continue to be monitored by the WCO with a view to identifying best practices to sustain the global trading system.

The G20 belief that ‘the only foundation for sustainable globalization and rising prosperity for all is an open world economy based on market principles, effective regulation, and strong global institutions’ is supported by the WCO.

Click here to read the G20 London Communiqué

Click here to read the WCO G20 communication